FINANCIAL RESULTS NATIONAL
MUMBAI, MAHARASHTRA, INDIA
By IFAB MEDIA - NEWS BUREAU - April 25, 2023 | 70 4 minutes read
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “Retail business registered excellent growth numbers backed by expansion of physical and digital footprint and a significant increase in footfall. We continue to expand our product base across consumption baskets, ensuring our customers get world-class products at affordable prices. Our retail team has an unwavering focus on enhancing consumer experience and ease of shopping.”
The company has recorded its highest ever footfall at 219 million across all formats. The business expanded its physical store network with 966 new store openings. The company said that retail segment delivered strong performance during the led by growth in grocery, consumer electronics and fashion and lifestyle.
Isha Ambani, Executive Director, Reliance Retail Ventures said, “Reliance Retail continues on the path of registering industry leading growth year after year at a scale unmatched in India. Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer the transformation of India’s retail sector.”
In FY 23, the business has opened over 3,300 stores, taking total count to 18,040 stores with a total area of 65.6 million sq. ft.
“The year reflects an unprecedented growth of retail footprint as business has added 25 million sq ft store area representing more than 50% growth of retail space Y-o-Y,” said RIL in its regulatory filing.
The digital commerce and new commerce contributed to 18 percent of the revenue, said the company. The business has added new growth initiatives to its portfolio by foraying into FMCG and beauty businesses. The FMCG business launched several products during the year including Independence brand and the iconic beverage brand, Campa. The beauty business launched digital commerce platform Tira and opened its flagship store in Mumbai.
Consumer electronics business grew on the back of festive events, promotions and new launches, as per the press release. The business also saw best-ever Republic Day period sales performance with revenue growth of 35 per cent YoY.
The fashion & lifestyle vertical delivered a revenue growth of 19 percent YoY led by wedding season & festivals resulting in higher bill values and improved conversions.
AJIO reported another strong quarter with improvement across operational metrics. The expansion continued with catalogue size crossing 13 lakh options, making it a onestop shop for all fashion needs.
The premium brands business saw a 35 per cent growth YoY driven by its wide product and brand offering.
The food and beverages portfolio by entering into exclusive partnerships with EL&N cafe. The business also entered into a JV with Circle E Retail to vertically integrate its toy business.
The Jewelry business saw a revenue growth of 28 per cent YoY, on the back of wedding season and regional festivities. The business continued to focus on strengthening product offering with new collection launches.